MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EVEREST INDUSTRIES LIMITED |
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Registered Office : |
Gat No: 152, Lakhmapur, Taluka Dindori Nashik;422202, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.4.1934 |
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Com. Reg. No.: |
002093 |
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CIN No.: [Company
Identification No.] |
L74999MH1934PLCC002093 |
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Legal Form : |
Public Limited Liability Company. Company’s shares are listed on the
stock exchange. |
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Line of Business : |
Manufacturing and |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. The
company is progressing well. Directors are reported as experienced and
respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are usually correct
and as per commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
ACC Ltd., Research & Consultancy Directorate CRS Complex, LBS Marg, Thane (West) - 400 604, |
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Website : |
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Head Office : |
A-32,
Mohan Co-operative Industrial Estate, |
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Fax No.: |
91-11-41731951/52 |
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E-Mail : |
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Corporate Office : |
"Everest House", E-62, Greater Kailash - 1 |
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Factory 1 : |
Everest Nagar, P.O. Kymore - 438 880 Madhya Pradesh (Via Jukehi, C.R.) 'Everest House' Gate No. 152, Lakhmapur, Taluka Dindori, Nashik - 422 202 ( Podanur P.O. Coimbatore - 641 023 (Tamil Nadu) |
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Zonal Office:: |
HS-37, Kailash Colony
Mkt., Tel No:
011-41618660/61 Fax No:
011-29238906 E-mail: nzsales@everestind.com Everest House’, 1, Garden Reach, Kolkata - 700 024. Tel:033-24695814 Fax:033-24697463 E-mail:ezsales@everestind.com Everest Industries Limited Gundecha Onclave, Office Premises No. 5B4, ‘B’ Wing, 5th Floor, Next to Post Office, Sakinaka, Andheri(E), Mumbai - 400072 Tel : 022-67250279 Fax : 022-67250278 e-mail : wzsales@everestind.com Podanur P.O., Tamil Nadu Tel:0422-2413816,
2411118, 2413632 Fax : 0422-2413633 e-mail : szsales@everestind.com |
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Sales Office at: |
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Ashok Bhawan, 7th Floor, 93, Tel No:- 91-11-26286990/51618660/61/51619408/10 Fax No :- 91-11-26228906 ¯
Everest’ House, Tel. No. 91 – 33 – 2469 5814 / 2469 7463 Fax No. 91 – 33 – 2479 6920 Telex 021 – 8093 Telegram BIGSIX ¯
Podanur P. O., Coimbatore-641023, Tel No :- 91-422-2413816/118 Fax No :- 91-422-2413633 E-mail :- szsales@everestind.com ¯
PLN complex, 2nd Floor, 30/3, Tel No :- 91-44-28350455 Fax No :- 91-44-28353311 ¯ 1st Floor, No. 4/2, First Main Road, Bhuvanappa Layout, Off Hosur Road, Bangalore-560029, Karnataka, India Tel No :- 91-80-51106668 ¯
C/o ACC Limited, No. 66-A, Tel No :- 91-40-27805162 ¯
41/880, D Second Floor, Tel No :-91-9847339938 |
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R and D : |
Gate No. 152, Lakhmapur, Taluka Dindori, Nashik-422202, Tel.No. 91-2557-250375/250462 Fax.No.91-2557-250376 E-mail. iwwork@eel.satyam.net.in |
DIRECTORS
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Name : |
Mr. Aditya Vikram Somani |
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Designation : |
Director |
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Date of Birth: |
04.11.1973 |
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Qualification: |
M.Com,MBA |
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Date of Appointment: |
07.11.2005 |
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Name : |
Mr. Anil Singhvi |
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Designation : |
Director |
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Date of Birth: |
30.06.1959 |
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Qualification: |
B.Com, FCA |
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Date of Appointment: |
07.11.2005 |
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Name : |
Mr. Sandeep Junnarkar |
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Designation : |
Director |
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Name : |
Mr. Mohanlal Bhandari |
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Designation : |
Director |
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Date of Birth: |
15.11.1948 |
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Qualification: |
B.Com, FCA |
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Date of Appointment: |
07.07.2004 |
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Name : |
Mr.M.L.Gupta |
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Designation : |
Managing Director |
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Date of Birth: |
03.02.1941 |
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Qualification: |
B.Tech.(Hons) |
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Date of Appointment: |
08.07.2002 |
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Name : |
Mr. Manish Sanghi |
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Designation : |
Executive Director |
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Date of Birth: |
04.02.1963 |
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Qualification: |
B.E (Mechanic) , PGDM(IIM) |
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Date of Appointment: |
08.07.2002 |
KEY EXECUTIVES
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Name : |
Mr. Suresh Menon |
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Designation : |
Vice President & Company Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Shareholding of Promoter and
Promoter Group[2] |
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Bodies Corporate |
7413470 |
50.09 |
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Public shareholding[3] |
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Mutual Funds/ UTI |
2603112 |
17.59 |
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Financial Institutions/ Banks |
975 |
0.01 |
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Central Government/ State Government(s) |
200 |
0.00 |
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Venture Capital Funds |
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Insurance Companies |
3537 |
0.02 |
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Foreign Institutional Investors |
48465 |
0.33 |
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Foreign Venture Capital Investors |
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Any Other (specify) |
7413470 |
50.09 |
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Non-institutions |
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Bodies Corporate |
533490 |
3.60 |
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Individuals - |
2255160 |
15.24 |
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i. Individual shareholders holding
nominal share capital up to Rs. 1 lakh. |
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ii. Individual shareholders holding nominal share
capital in excess of Rs. 1 lakh. |
436139 |
2.95 |
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Any Other - NRI/Trusts |
1505472 |
10.17 |
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TOTAL |
14800020 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Fibre Cementr Products: |
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455000 |
320694 |
GENERAL INFORMATION
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No. of Employees : |
Total:874 |
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Bankers : |
State Bank of ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Deloitte Haskins & Sells, Chartered Accountants. |
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Address : |
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Membership: |
Confederation of Indian Industry |
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Associates: |
The Associated Cement Companies Lilmited. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14800020 |
Equity Shares |
Rs.10/- each |
Rs.148.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
148.000 |
148.000 |
148.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1149.844 |
956.749 |
849.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1297.844 |
1104.749 |
997.500 |
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LOAN FUNDS |
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1] Secured Loans |
204.254 |
110.018 |
21.400 |
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2] Unsecured Loans |
0.000 |
0.338 |
18.700 |
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TOTAL BORROWING |
204.254 |
110.356 |
40.100 |
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Stockiest
Deposits(unsecured) |
28.317 |
29.543 |
0.000 |
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DEFERRED TAX LIABILITIES |
121.664 |
101.964 |
0.000 |
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TOTAL |
1652.079 |
1346.612 |
1037.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
992.413 |
619.416 |
645.300 |
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Capital work-in-progress |
121.068 |
289.182 |
3.100 |
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INVESTMENT |
0.097 |
0.097 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
522.092
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468.072 |
470.600 |
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Sundry Debtors |
28.791
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39.115 |
52.200 |
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Cash & Bank Balances |
140.286
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236.827 |
302.000 |
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Other Current Assets |
0.458
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2.367 |
0.000 |
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Loans & Advances |
218.252
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103.471 |
458.700 |
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Total
Current Assets |
909.879
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849.852 |
1283.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
289.794
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316.263 |
523.800 |
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Provisions |
90.966
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120.793 |
415.200 |
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Total
Current Liabilities |
380.760
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437.056 |
939.000 |
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Net Current Assets |
529.119
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412.796 |
344.500 |
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MISCELLANEOUS EXPENSES |
9.382 |
25.121 |
44.600 |
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TOTAL |
1652.079 |
1346.612 |
1037.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2548.253 |
2274.712 |
1992.500 |
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Other Income |
12.641 |
21.812 |
535.900 |
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Stock Adjustments |
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(28.100) |
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Total Income |
2560.894 |
2296.524 |
2500.300 |
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Profit/(Loss) Before Tax |
426.961 |
289.533 |
713.500 |
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Provision for Taxation |
115.653 |
97.866 |
117.800 |
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Profit/(Loss) After Tax |
311.308 |
191.667 |
595.700 |
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Earnings in Foreign Currency : |
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Traveling Expenses |
2.521 |
2.362 |
0.000 |
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Know-how |
3.965 |
1.688 |
0.000 |
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Professional Fee |
0.554 |
0.697 |
0.000 |
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Other |
3.700 |
0.347 |
0.000 |
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Total Earnings |
10.740 |
5.094 |
0.000 |
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Imports : |
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Raw Materials |
486.033 |
365.223 |
0.000 |
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Stores & Spares |
2.413 |
2.131 |
0.000 |
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Capital Goods |
15.405 |
88.920 |
0.000 |
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Total Imports |
503.851 |
456.274 |
0.000 |
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Expenditures : |
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Raw
Materials |
0.000 |
0.000 |
858.100
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Excise
Duty |
0.000 |
0.000 |
00.000
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Power
& Fuel Cost |
0.000 |
0.000 |
83.800
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Other
Manufacturing Expenses |
0.000 |
0.000 |
119.600
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Employee
Cost |
0.000 |
0.000 |
185.100
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Selling
and Administration Expenses |
0.000 |
0.000 |
400.700
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Miscellaneous
Expenses |
0.000 |
0.000 |
80.500
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|
0.000 |
0.000 |
0.000 |
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Manufacturing Expenses |
21.19.837 |
1944.706 |
0.000 |
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Interest |
137.25 |
52.68 |
0.000 |
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Depreciation & Amortization |
74.632 |
57.017 |
0.000 |
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Total Expenditure |
233.909 |
2054.403 |
1727.800 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2007 |
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Sales
Turnover |
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3037.700 |
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Other
Income |
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30.400 |
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Total
Income |
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3068.100 |
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Total
Expenditure |
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2773.600 |
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Operating
Profit |
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|
294.500 |
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Interest |
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|
27.200 |
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Gross
Profit |
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267.300 |
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Depreciation |
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|
89100 |
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Tax |
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|
54.700 |
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Reported
PAT |
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|
116.600 |
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Dividend
(%) |
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|
400.000 |
KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
0.15 |
0.09 |
0.10 |
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Long
Term Debt-Equity Ratio |
0.02 |
0.02 |
0.01 |
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Current
Ratio |
1.18 |
1.25 |
1.21 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.78 |
1.91 |
1.63 |
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Inventory |
5.15 |
4.85 |
4.15 |
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Debtors |
75.06 |
49.83 |
42.71 |
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Interest
Cover Ratio |
25.46 |
55.64 |
46.57 |
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Operating
Profit Margin(%) |
16.62 |
15.47 |
13.21 |
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Profit
Before Interest And Tax Margin(%) |
13.69 |
12.96 |
10.28 |
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Cash
Profit Margin(%) |
12.47 |
10.93 |
11.33 |
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Adjusted
Net Profit Margin(%) |
9.54 |
8.43 |
8.40 |
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Return
On Capital Employed(%) |
25.46 |
26.66 |
20.17 |
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Return
On Net Worth(%) |
20.24 |
18.24 |
17.24 |
STOCK PRICES
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Face Value |
Rs.10.00 |
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High |
Rs.102.30 |
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Low |
Rs.100.70 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The Company's performance
for the year under review was very satisfactory inspite of the competition
getting severe. The total income of the company saw a growth of 11% to Rs.
2543.223 Millions as against Rs. 2296.524 Millions of last year. Profit before
tax and exceptional item stood at Rs. 335.029 Millions as against the previous
year figure of Rs. 289.533 Millions being higher by 15.71 %. The sales volume
of roofing sheets grew by 8.8% over the last financial year 2004-05, however the flat boards continued to grow at
32%. On the export front, the Company
has made further inroads in select foreign markets and saw a volume growth of
112.6% over last year. The export turnover of the Company for the period under
review stood at Rs. 49.900 Millions (approx.) against
Rs. 203 Millions
(approx.) (previous year) being an increase of 146% over the last year. The
Company plans a further thrust on this front in the year 2006-07.
Change of
Shareholding
Pursuant to Share
Purchase Agreement (SPA) entered by M/s Everest Finvest (
Pvt. Ltd. after
making a Public Offer to acquire 20% of the Equity Shares from the Public
pursuant to SEBI (Substantial Acquisition of Shares and Take Overs)
Regulations, 1997 acquired 0.09% of ' Equity share capital of the
Company from the public. The aggregate shareholding of M/s Everest Finvest (
Company now is
50.09%.
MulundLand
their Company has
received the balance consideration of Rs. 123.700 Millions out of the total
consideration of Rs. 774.000 Millions from M/s. Nirmal Lifestyles in terms of
the earlier Memorandum of Understanding entered with them. With this, the
Company has concluded the sale of the Mulund land.
Commissioned
Projects
Compressed Board
The Compressed
Fibre Cement Board plant imported by the Company from M/s.
Podannur (Line 2)
with Polypropylene
Technology
The Company also
commissioned the PVV2 line to manufacture roofing sheets with Polypropylene
fibres viz. Hi-tech under the technical know-how agreement with M/s.
of requisite
quality of certain raw materials, the Company could not fully utilize the
production capabilityfrom this line. However, theCompany has been now able to
stabilize the product fully. Further, the markets have
also shown
interest in this product and the Directors are very confident that this product
would be successful in Indian and International markets.
New Projects
Rapicon
The Company is
putting up new manufacturing facility at Lakhmapur to manufacture Sandwiched
Panel of
E-Board with the
core'of light weight aerated concrete viz. "Rapicon panels" with an
initial capacity of 12,000 units per year. The product is mainly applied as
'dry wall partitions' in commercial establishments, mezzanine flooring, and
industrial sheds with cladding and pre- fabricated structure.
Uttaranchal
The Company is now
in the process of putting up a new multi –manufacturing facility at Bhagwanpur,
Dist. Haridwar, to manufacture fibre cement roofing sheets, flat boards and
Rapicon panels. The project
is expected to be
commissioned within the financial year 2006-07.
Labour Relations
It was another
year of cordial industrial relations at all the works of the Company.
Health &
Safety
The Company's
record on Health and Safety continued to be of the high standards and environment
excellence continued to be the top priority of the Company. The Company
continued with the International
practices on safety and environmental norms by conducting regular Audit
checks.
Technology
Absorption, Adaptation and
Innovations
• Compressed board
plant imported from M/s
• Polypropylene
fibres technology at line 2 at Podannur works from M/s
• Installation of
the 5th Vat on SM2 line at Lakhmapur works.
• Introduced template
feeding system after piling unit.
• Introduced
de-dusting unit
• Rawmaterial
plant operation through PLC control.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
A. HIGHLIGHTS OF
PERFORMANCE/EVENTS
- Sales volume up by 9 %.
- Profit before tax & exceptional
income at Rs.338.531 Millions during the year ended 31 st March, 2006 as
against Rs. 289.533 Millions during the previous financial year ended
- Fibre cement export turnover of
Rs.49.900 Millions as against Rs.20.300 Millions of previous financial
year ended
- Successful commissioning of Compressed
board plant under the Technology know-how Agreement with M/s.
- New line for manufacturing roofing
sheets with Polypropylene fibres at Podanur Works.
- Dividend of 70%( Interim 40%).
B. INDUSTRY
STRUCTURE AND DEVELOPMENT
Fibre Cement
Roofing Industry was pioneered in
C. INDUSTRY
OUTLOOK & OPPORTUNITIES
Roofing
The Fibre cement
industry is an important constituent of economic development of the country and
has unique place in construction and building material sector due to two
reasons:
1. The fibre
cement roof is commonly used in villages and small towns for houses and cattle
sheds, godowns, shops, workshops etc. It also is extensively used by industrial
houses for their industrial sheds & go-downs
2. Fibre cement
industry uses substantial amount of fly ash as raw material in its products
keeping the environment clean.India is growing at a GDP of 8%. This high growth
is reflected in all the sectors of the economy namely the manufacturing
sector,service sector as well as the agriculture sector. The government is
putting special focus on the rural economy and this is expected to give a boost
to the use of Fibre cement roofs.The industrial sector is witnessing high
growth with capacities getting increased through expansions/diversifications
and up new
The growth was
particularly high in states like Uttar Pradesh,
D. INDUSTRY -
THREATS, RISKS AND CONCERNS
• The growth in
the industry has resulted in many new players entering in this already
competitive market. Any new additions in the capacity either by existing
players or through new entrants will always remain prime concern.
• Increase in
input costs like the cost of cement, asbestos fibre, fuel etc is a major
concern for the industry.
• The malafide
campaign against asbestos from certain sectors has given totally erroneous
information to the general public and decision makers. This has so far not
affected the sales of the industry. The industry association Asbestos Cement
Products Manufacturers Association (ACPMA) continues with its initiative to
counter the malafide anti asbestos campaign and successfully managed to make
the general public and key decision makers aware that there was no risks
associated with the use of asbestos to manufacture of fibre cement products,
when all necessary precautions are taken.
RISK MANAGEMENT
In accordance with
the Clause 49 of the Listing Agreements with Stock Exchanges, the Company has
already appointed Risk consultant to assist the Company to lay down
procedures/system for speedier assessment of risk, information to Board of
Directors and steps to mitigate/ minimize the risk.
Fixed Assets:
- Technical Knowhow
- Land-Freehold
- Land-Leasehold
- Leasehold Improvements
- Railway Siding
- Roads
- Water Supply Lines
- Plant & Machinery
- Furniture Fixture &
- Office Equipments
- Vehicles
- Leased Vehicle
List of related
parties
i.Parties where
control exists and with which there have been transactions during the year
M/s Everest Finvest (
Associated Cement Companies
Limited (ACC) upto
ii Fellow
Subsidiaries of erstwhile holding company with which there have been
transactions during the year
•
ACC Machinery Company Limited upto
• Bargarh Cements Limited upto
• ACC Ninon
Castings Limited upto
History
Everest Industries Ltd., formerly known as Eternit Everest
commenced business by taking over, as a growing concern, the erstwhile Asbestos
Cement (
Its "Everest" brand enjoys huge brand equity.Besides
roofing,the company has introduced a range of new generation products called
E-Board Classic for varied applications in interiors.
In 1988-89, Turner & Newall International,
of commissioning of the factory at
The company is venturing into non-asbestos-based roofing and panelling
products. In addition to the fire-resistant boards being developed with the
active assistance of the Etex group, the company has also initiated the
introduction of passive fire protection systems with technical support from an
Etex group company. It has obtained ISO-9002 and ISO 14001 certification for
its Podanur works.
The Etex Group, through its subsidiary
In Feb. 2002 Associated Cement Companies, has acquired 74,00,010 equity shares
(cositituting 50% of the total equity capital) by Inter se transfer between
promoters. Total shareholding of voting rights after this acquisition comes to
1,12,50,030 equity shares (constituting 76.01 % of the total equity capital of
the company). The company is Modernising its Podanur, Kymore and Kolkatta works
and the these projects have been completed
The company has expanded the increased capacity of Fibre Cement/Asbestos
Cement products during the financial year 2002-03 by 72000 MT and with this
expansion,the total capacity has risen to 360000 MT.
ACC is holding 76.01% stake in Everest Industries as on 31.03.2004.
Adani Port Infrastructure Ltd and Accurate Finstock Pvt Ltd have
announced an open offer to acquire 20% stake in Everest Industries during April
2004.The open offer follows the agreement entered into by Swiss based Holcim
which has signed a pact with Adani Ports to offload ACC's present stake of
76.01% in Everest Industries.
Background:
The company is the pioneer of asbestos fibre products in
The company is a part of ACC Group, the leading company in the cement sector in the country. ACC has 76% equity in the company.
During its existence of over 65 years in
The company started in
The company commenced business by taking over, as a growing
concern, the erstwhile Asbestos Cement (
In 1988-89, Turner and Newall International,
The company is venturing into non-asbestos-based roofing and panelling product. In addition to the fire-resistant boards being developed with the active assistance of the Etex group, the company has also initiated the introduction of passive fire protection systems with technical support from an Etex group company. It has obtained ISO-9002 and ISO 14001 certification for its Podanur works.
The Etex Group, through its subsidiary
In February, 2002 Associated Cement Companies, has acquired 74,00,010 equity shares (constituting 50% of the total equity capital) by inter se transfer between promoters. Total shareholding of voting rights after this acquisition comes to 1,12,50,030 equity shares (constituting 76.01% of the total equity capital of the company). Subject is Modernising its Podanur, Kymore and Kolkata works and the these projects are likely to be completed by end of the financial year.
As Per Web Site:
During its existence of over 65 years in India,
Everest Industries Limited has been the pioneer in the manufacturing of fibre
cement roofing products and flat sheets.
The company started in
The company has a wide and well organized sales and
distribution network all over the country. With a turnover of around Rs 2000.000
Millions( Rs 2 billion), the company is going through a phase of consolidating
its recently launched new generation products and maintaining the leadership
status in Fibre cement Industry
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.55 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|